Why Insurance needs Omnichannel Customer Experience at the earliest

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Customer experience is the new battlefield for organizations talking about creating seamless customer journeys. When it comes to the insurance sector, studies have reported record-breaking drops in customer satisfaction level. Insurance companies have lately realised that customer experience is now one of the most important factors for staying ahead in a highly competitive market.

The new generation customers have more choices and higher expectations. Studies have shown that – customers are willing to pay a 21% premium for companies that provide superior customer service. However, the insurance sector has been lagging in making the most out of the technological advancement. Thus, it has become difficult for insurance firms to cope up with the highly demanding  environment and to earn the loyalty of customers.

In order to reduce the churn levels and create truly engaged customers, it is necessary for insurance firms to integrate their operations with an omnichannel customer experience solution. For the tech savvy world and the digital consumer, experience grabs the first place as they expect real-time responses, faster resolutions and priority management.

Customer Experience revolution in the insurance sectors will ensure faster growth and more profitability. Thus creating an opportunity to relentlessly improve customer journeys across every touch points. Insurance providers basically serve the needs of two distinct customer audiences: policyholders, agents and brokers.

Existing customer service challenges of Insurance Providers include:

  • Lack of centralized mechanism for managing and reducing duplicity.
  • Long wait times increasing customer attrition.
  • Inefficient reporting mechanism and cumbersome manual processes.
  • Streamlining various customer service channels like mobile applications, emails, SMS, live chat, social media etc.

In order to reduce operational expenses,complexity and risks, thereby improving efficiency and overall profitability, insurance firms need to deploy a smart contact center technology to create omnichannel customer experience for all channels.

We at Ameyo have combined a list of few ways in which an omnichannel customer experience solution can help in transforming customer journeys in the insurance sector:

Seamlessly integrating with third party software: It is always about being connected whether it is about insureds or agents and brokers. Insurance firms need to keep up the pace with the revolutionizing technology that can catch hold the attention of consumers who are always willing to pay higher for exclusive services. Also, the organizations today have different communication requirements based on the nature of their business, scale of operation, and various other factors. They require a highly flexible technology with intelligent features to be in sync with their business needs.

Thus, by deploying a contact center technology, insurance sectors can study the underlying requirements of their customers and can accordingly customize their service. The technology will help them in integrating with CRM and third-party applications to effectively deal with uncertainty and proactively manage interactions with the help of previous information.

Engaging customers on preferred channels: Optimizing customer experience by engaging them on their preferred channels is what insurance sectors should focus on. Customers today use multiple channels of interactions before opting out for any service and seek for immediate response to their queries. Thus, it becomes mandatory for the service providers to offer consistent and exceptional services through voice, SMS, web, email, social, chat.

An omnichannel customer experience solution can provide organizations with the capabilities to effectively manage the customer interactions over any communication channel. An effective customer experience technology breaks down the organizational silos and transforms the customer service by providing true omnichannel  customer experience.

Cutting down long hold times: When talking about customer satisfaction, hold times are like black spots for organizations. While mobile service is attracting a higher rate of prospective customers for insurance firms, the customer experience for these prospects is really depressing. Studies have shown that “on an average 7 out of 10 callers are placed on hold.”

The new breed of customers expect real time and instant response and it turns out to be very annoying for them to wait on hold. Keeping the customer on hold is not the way to engage them towards a brand, especially in the insurance sector. Contact center technology has the capability of cutting down the long hold time by  routing the customer’s call to the most skilled agent available for interaction depending upon the need of the customer.

Monitoring campaigns and collection processes: Using analytics and reporting in insurance is a great way to manage the campaigns and collection process. It is more than a technical asset as it provides the insurers with the capability to analyze the right market trend for their users. Analytics can be done through the contact center technology, wherein the customer speech and text interaction can be used to build new set of parameters for the future policyholders. Also the captured data can be used to have an in-depth knowledge of the customers, which can be further used to build different buckets for different set of users. Thus, providing the insurers with the power to customize their campaigns and to optimize their collection processes.